TODAY’S S&P 500 SET-UP – February 6, 2013
As we look at today's setup for the S&P 500, the range is 14 points or 0.61% downside to 1502 and 0.31% upside to 1516.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.72 from 1.74
- VIX closed at 13.72 1 day percent change of -6.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Feb. 1 (prior -8.1%)
- 9am: U.S. Treasury quarterly refunding announcement for auction of 3Y, 10Y and 30Y debt
- 10:30am: DoE Energy Inventories
- 11am: Fed to purchase $3b-$3.75b debt in 2018-2020 sector
GOVERNMENT:
- House Budget Cmte hears from CBO Director Douglas Elmendorf on budget, economic outlook, 9:30am
- House Financial Services Cmte holds hearing on role of FHA in housing insurance market, 9am
- John Kerry to be sworn in as 68th U.S. Secretary of State
- Bloomberg Government, Nuclear Energy Institute host discussion on fracking, tax credits, offshore drilling, nuclear energy, w/ Sen. Johnny Isakson, R-Ga., Rep. John Shimkus, R-Ill., 8:45am
- Postmaster General Patrick Donahoe makes announcement about Postal Service operational changes, 10am
WHAT TO WATCH
- Malone’s Liberty Global to acquire Virgin Media for $16b
- Obama urges delay of U.S. spending cuts to avoid economic harm
- Chief executives’ confidence in U.S. economy improves in survey
- Google said in talks to invest $50m in Vevo Music service
- Biogen to pay Elan $3.25b for full rights to Tysabri
- JPMorgan said to cut investment bank pay 3%, asset managers gain
- RBS said to face up to $783m Libor manipulation fine
- Morgan Stanley bankers Whayne, Rashid said to depart amid cuts
- Flagstar ordered by N.Y. judge to pay bond insurer $90.1m
- Boise Cascade raises $247m pricing IPO above range
- Facebook director James Breyer sells $74m worth of shares
EARNINGS:
- WR Grace (GRA) 6am, $1.06
- Macerich (MAC) 6am, $0.87
- TMX Group (X CN) 6am, C$0.73
- Coventry Health Care (CVH) 6:30am, $0.68
- Wyndham Worldwide (WYN) 6:30am, $0.60
- CVS Caremark (CVS) 6:45am, $1.10 - Preview
- Intact Financial (IFC CN) 6:55am, $1.34
- Time Warner (TWX) 7am, $1.10
- Westjet Airlines (WJA CN) 7am, $0.43
- Scotts Miracle-Gro (SMG) 7am, C$(1.13)
- Apollo Investment (AINV) 7:30am, $0.21
- Cummins (CMI) 7:30am, $1.75
- AGL Resources (GAS) 7:30am, $0.97
- Husky Energy (HSE CN) 7:30am, C$0.57
- IntercontinentalExchange (ICE) 7:30am, $1.74
- Nu Skin Enterprises (NUS) 7:30am, $0.95
- Marathon Oil (MRO) 7:39am, $0.67
- Melco Crown (MPEL) 7:40am, $0.21
- Madison Square Garden (MSG) 8am, $0.36
- Prologis (PLD) 8am, $0.41
- Ralph Lauren (RL) 8am, $2.20 - Preview
- USG (USG) 8:30am, $(0.25)
- IAC/InterActive (IACI) 4pm, $0.74
- Akamai Technologies (AKAM) 4pm, $0.50
- Green Mountain Coffee Roasters (GMCR) 4pm, $0.65
- News Corp. (NWSA) 4pm, $0.43
- Spectrum Brands Holdings (SPB) 4pm, $0.71
- WMS Industries (WMS) 4pm, $0.15
- Cincinnati Financial (CINF) 4:01pm, $0.49
- CYS Investments (CYS) 4:01pm, $0.39
- Mettler-Toledo International (MTD) 4:01pm, $3.20
- Two Harbors Investment (TWO) 4:01pm, $0.33
- Stericycle (SRCL) 4:02pm, $0.86
- CBRE Group (CBG) 4:04pm, $0.48
- PartnerRe Ltd (PRE) 4:04pm, $(0.46)
- Allstate (ALL) 4:05pm, $(0.05)
- Atmel (ATML) 4:05pm, $0.02
- Everest Re (RE) 4:05pm, $0.27
- Visa (V) 4:05pm, $1.79
- Yelp (YELP) 4:05pm, $(0.05)
- Equifax (EFX) 4:07pm, $0.75
- Plains All American Pipeline (PAA) 4:07pm, $0.76
- Prudential Financial (PRU) 4:07pm, $1.74
- Lincoln National (LNC) 4:08pm, $1.06
- Assurant (AIZ) 4:15pm, $(0.31)
- Gildan Activewear (GIL CN) 4:21pm, $0.30
- RenaissanceRe Holdings Ltd (RNR) 4:22pm, $0.30
- FMC (FMC) 4:30pm, $0.81
- Tesoro (TSO) 4:45pm, $1.39
- O’Reilly Automotive (ORLY) 6:30pm, $1.08
- Fifth Street Finance (FSC) Post-Mkt, $0.27
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Merchant Commodity Hedge Fund Cuts Jobs After Second Losing Year
- Carmakers Use Aluminum Over Steel in Boost for Rio: Commodities
- Platinum Climbs to a 16-Month High, Extending Premium Over Gold
- Copper Falls as Commodities Drop on Euro-Area Political Concern
- WTI Crude Slips, Discount to Brent Widens to Most This Year
- Soybeans Decline as Brazilian Harvest Estimate Raised on Yields
- Sugar Falls as Price Drop Seen Needed to Curb Glut; Cocoa Slides
- Palm Output Plunging Most Since ’10 in Malaysia to Cut Reserves
- Rebar Declines Amid Waning Liquidity Ahead of Lunar New Year
- Palm Oil Drops to One-Week Low as Inventories Seen Near Record
- Iran Cash Faces Tighter Squeeze as Oil Export Rules Stiffen
- Duke Reactor Shutdown Plan Shows Shale’s Sway Over Power: Energy
- India’s Cabinet May Consider More Wheat Exports Tomorrow: Pawar
- China Gold Imports From Hong Kong Climb to Record on Wealth
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
